Thursday, November 24, 2011

This story is a must read for anyone questioning validity of claims regarding fraudulent activity by the major banks. You can see this case clearly reveals major failures by the bank do its due diligence and to not forge documents. The case here reveals that Jp Morgan chase had broken into a woman's home what not only did not have a mortgage but had no relationship with the bank whatsoever. How could this happen TWICE no less? Did the documents claiming the bank had any right to the property appear out of think air? I don't think so! It seems impossible to make the case that there is not rampant fraud occurring throughout the banking system if a bank can create enough legal paperwork to make a claim against a property that had no mortgage and with which the bank had no relationship with the home owner.

There is no possible way to say it wasn't an act of fraud without some ridiculous story by the bank. Where did the documentation even come from to foreclose on a property with no mortgage and an owner has no business with JP Morgan? Read the full story here at Naked Capitalism

Nevertheless, her attorney, Matt Weidner, is appealing this order. Why? Get this: JP Morgan had NO legal relationship to Jacobini at the time of the break ins. It has filed a robo-signed assignment of mortgage that post-dates the break-in. The practical implication is that random financial institutions are being allowed to barge into people’s properties, and the only recourse they have is a slow, costly adjudication.
Let’s hope that Jacobini succeeds in making this sort of abuse costly for JP Morgan. Hitting banks in the wallet may be the only way to get their attention.

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